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20121201
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jobs are in consumer banking. the move comes less than two months since a shakeup at citi ousting former c.e.o., vikram pandit. he was succeeded by michael corbat. the bank nearly collapsed during the crisis and ultimately received bailouts totaling $45 billion, money that citi has since repaid. roben farzhad has long watched the changes at citi for bloomberg "businessweek" and joins us again tonight. roben, welcome. today we heard that stocks soared on the news of these layoffs. what does that tell us about what was going on at citi? >> it's sad, actually. citigroup is know-- you could say the financial crisis is over but in the throes of an existential crisis. it doesn't know what it wants to be. investors have been clamoring for a while for citigroup to simplify, to shed payrolls, to be good at something. it does everything, but it isn't market leading, necessarily, in any one category. and by and large, they got the layoffs, at least the beginning round of layoffs that they wanted today. >> ifill: we know many of these layoffs are noin the u.s., but i assume part of the relati
.c.'s mayor and city council. next major tax break, state and local taxes. deductible in full from taxable income. this costs the federal government about $47 billion a year, almost 5% of the annual deficit. so what's the objection to getting rid of the state and local tax deduction? >> the deductions for state and local taxes lowers the cost the citizens are paying those state and local taxes. it means those governments can charge higher tax than they otherwise would. take that away they'll have to lower their revenues at a time when they're in trouble themselves or it's going raise the cost to the citizens who won't be happy about it. >> reporter: as lawmakers rush to rescue the economy from the fiscal cliff emergency, they have focused -- as have we thus far -- on itemized deductions. but when it comes to tax breaks or preferences, says robert... >> not just deductions. it includes things like exclusion from income, the biggest one of which is the we don't tax you on the premiums your employer pays for the health insurance we get. much bigger than anything on the deduction side. it's no
Search Results 0 to 3 of about 4 (some duplicates have been removed)

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